Swift, UBS, and Chainlink Team Up to Transform Tokenized Fund Transactions

Share This Post

Swift, UBS, and Chainlink Team Up to Transform Tokenized Fund Transactions

The post Swift, UBS, and Chainlink Team Up to Transform Tokenized Fund Transactions appeared first on Coinpedia Fintech News

Global financial messaging network, Swift, UBS Asset Management, and Chainlink have launched a groundbreaking pilot program to settle tokenized fund transactions. This initiative could change the way we invest in digital assets, making transactions faster and more efficient. With over $63 trillion in the global mutual fund market at stake, this could be a changing moment for digital finance.

On November 5, 2024, Swift made a big announcement that they, along with UBS Asset Management and Chainlink, completed a pilot for settling tokenized fund subscriptions and redemptions. This new method allows financial institutions to use Swift’s powerful infrastructure for cash settlements of tokenized funds. 

Earlier, the Monetary Authority of Singapore (MAS) launched a pilot program to show how financial institutions can benefit from Swift’s existing systems. With this program, digital asset transactions can now settle quickly and securely with traditional fiat payment systems. 

This means over 11,500 financial institutions worldwide can efficiently manage their transactions, bringing a new level of speed and security to the world of finance.

Challenges In Traditional Fund Operations

Traditional fund operations often face several challenges. The processes for subscribing and redeeming funds can be slow and need manual steps, causing delays and higher costs. This makes it harder to move money and can lead to missed chances in the $63 trillion global mutual fund market. 

The new pilot program aims to fix these issues by enabling smooth transactions using blockchain technology, Chainlink’s platform, and Swift’s network.

Chainlink’s technology played a key role in making this project work. It helps Swift coordinate transactions between different parties, making the buying and selling of fund tokens automatic. 

When investors decide to buy or sell tokens, the process happens quickly and efficiently, allowing for real-time transactions on the Swift network. This makes it easy for investors to manage their assets without worrying about delays or complications.

However, Co-founder of Chainlink Sergey Nazarov said he is excited about these new payment methods, believing they will bring more money into digital assets and make the financial system stronger.

Analyzing the LINK chart, we can see a Head and Shoulders pattern forming. This is a classic bullish reversal signal, with the neckline positioned between $11.50 and $12.00. 

This pattern suggests that if LINK successfully reclaims and maintains its position above the neckline, it could experience a continued rise of about 40%.

If Chainlink manages to break above this resistance level, it could trigger a price surge of up to $15.00. Currently, LINK is trading at around $10.58, down 1% in the last 24 hours.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Crypto News: Bank of Korea Rejects Bitcoin for Foreign Exchange Reserves

The post Crypto News: Bank of Korea Rejects Bitcoin for Foreign Exchange Reserves appeared first on Coinpedia Fintech News The Bank of Korea (BOK) has firmly stated that it has “never

Coinbase’s Government Network Expands—145 US and 29 Global Entities Onboard

Coinbase is deepening ties with 145 US government entities as the nation accelerates bitcoin adoption, signaling unprecedented institutional demand and a seismic shift in crypto policy Coinbase

Ripple News Today: XRP Proposal Aims to Unlock $1.5 Trillion for Bitcoin Reserves

The post Ripple News Today: XRP Proposal Aims to Unlock $15 Trillion for Bitcoin Reserves appeared first on Coinpedia Fintech News After a long legal tug-of-war under Biden’s leadership, Ripple is

Peter Schiff: Bitcoin Could Crash Below $65K if Nasdaq Enters a Bear Market

Bitcoin faces a steep decline if the Nasdaq downturn deepens, warns Peter Schiff, predicting a wave of panic selling that could shake investor confidence and destabilize markets Peter Schiff Predicts

SEC vs Ripple: How Lawsuit Over XRP Could Wrap up in Days

A legal expert has outlined how the SEC’s lawsuit against Ripple over XRP could end within days, but a major hurdle—navigating the court’s injunction—may complicate the

Is The Bitcoin Cycle Peak In? Historical Halving Data Suggests Upside Potential Into Late 2025

Bitcoin is now down over 29% from its all-time high (ATH) in January, and speculation about a coming bear market is growing among investors After weeks of heavy selling pressure, Bitcoin has entered